If you're using Photoshop, it's safe to assume you also have access to Illustrator? If so, Illustrator has a Type-on-a-Path tool, buried under the regular Type tool. That could create the waviness you're looking for, but Photoshop has a much nicer feature available in version 6 and later. It's called Type Warp. I won't go too far into it, but you can access it when you're using the Type Tool, by clicking on the button in the Control Bar at the top of your screen. It looks like a "T..." with a little curve underneath it. I doubt you'll be able to get the ENTIRE string of text to wave like that in one shot, but if you combine several text blocks, it could save you some serious work. I'd also reccomend applying the text using a blending mode like Overlay or Hard Light on the type layer if you're looking to maintain highlights and shadows in the underlying layers. For what it's worth... Questions always welcome, and anyone stumping me on a Photoshop question gets a pizza.